Santander hit by property market: "Santander missed its original target to maintain annual profits largely because of bad loans in the Spanish property market, which more than offset improvements in Latin America and the UK.
The bank said net profit would have fallen just 3.2 per cent had it not been for the €472m net impact of a charge in the third quarter following demands for stricter real estate provisions by the Bank of Spain. Net interest income rose 11.1 per cent to €29.22bn.
Latin America accounted for 43 per cent of Santander’s net profits last year, with Brazil alone providing a quarter of group profit. Continental Europe was responsible for 35 per cent and Spanish commercial banking just 15 per cent."
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